FCPT Acquires 6 Christian Brothers Automotive Properties for $24.8M

Core Viewpoint - Four Corners Property Trust (FCPT) is diversifying its portfolio through the acquisition of six Christian Brothers Automotive properties for $24.8 million, aiming for steady revenues and future growth [1]. Group 1: Recent Acquisitions - FCPT has acquired six properties located in Georgia (two), Indiana (two), Florida (one), and Illinois (one) through sale-leaseback, benefiting from advantageous locations and favorable demographics [6]. - The company also purchased a corporate-operated triple-net leased National Veterinary Associates property in Connecticut for $3.5 million, which includes provisions for annual rental increments [10]. - In December, FCPT announced the acquisition of nine American Family Care properties for $21.2 million, two Riverview Health properties for $13.5 million, a MercyOne outpatient clinic property in Iowa for $2.8 million, and a P.F. Chang's bistro property in Illinois for $4.8 million [11]. Group 2: Financial Performance and Market Position - Over the past six months, FCPT's shares have increased by 11.8%, outperforming the industry growth of 3.9% [8]. - The Zacks Consensus Estimate for FCPT's 2024 funds from operations (FFO) per share has been lowered marginally to $1.72 over the past two months, indicating a bearish outlook from analysts [8].